The 2025 IOS Market Map
The markets that dominated coverage in 2025: NJ infill math, South Florida node pricing, Texas/Houston scale, Inland Empire credit structures, and a capital markets lane too big to ignore.
The 2025 IOS Market Map - The Markets That Dominated Our Coverage
**The markets that dominated our coverage + the people who kept showing up**
We went back through a year of deals and pulled out the patterns. Not vibes, not theory – just the corridors that kept appearing in our inbox and the names that sat behind the activity.
Turns out 2025 had some clear lanes. Here's what we saw.
**1) New Jersey / South Jersey Infill**
**The Lane:** Port-corridor logic + usable-yard math
**Why it kept showing up:**
Infill IOS in NJ wasn't about acres on paper. It was about scarcity, truck access, and how many actual usable square feet you could fit on that oddly-shaped lot next to the highway.
**Deals that defined it:**
- **Dayton (South Brunswick), NJ** – 3 Wheeling Rd – $5.7M – 5 acres (~3.5 usable), 7,100 SF building (Genesis acquisition)
- **Morganville, NJ** – 173 Amboy Rd – $6.9M – 4.8 acres, 21,000 SF building
- **Logan Township, NJ** – 22 & 84 Flood Gate Rd – $21M – 127,000 SF warehouse + 28.4 acres improved land (former sand quarry)
- **Logan Township, South Jersey** – Stonemont's first ISF acquisition – 67,000 SF at $388/SF
**Who kept showing up:**
Mark Silverman, Elli Klapper, Liam McGregor, Brian Fiumara, Mark Trevisan (CBRE) | Scott Mertz (NAI Mertz) | Ken Lankford (Stonemont) | Sean Kelly, Marc Petrella, Michael Kimmel (KBC Advisors)
**2) South Florida (Miami / Broward / Palm Beach)**
**The Lane:** Airport/port adjacency + institutional pricing
**Why it kept showing up:**
South Florida had the cleanest "IOS land prices like logistics infrastructure" pattern we saw all year. Get close to a cargo node and suddenly you're not selling dirt anymore – you're selling access.
**Deals that defined it:**
- **Miami, FL** – 3200 NW 67th Ave – $52.1M – 17 acres, airport-adjacent – Outpost buying from CenterPoint
- **West Palm Beach, FL** – 100 N Benoist Farms Rd – $16.75M – 9.7 acres IOS yard – buyer: Health Care District of Palm Beach County
- **Dania Beach, FL** – 375 NW 9th Ave + 1001 Old Griffin Rd – $13M – 7.03 acres, 15,000 SF across two buildings – Dalfen Industrial
**Who kept showing up:**
Marc Smouha, Jonathan Marti (CorePoint Real Estate) | Patrick McBride, Chris Spear (ComReal) | Sean Dalfen, Tyler McElroy, Chris Segrest (Dalfen Industrial) | Eli Havlik, Tom O'Loughlin, Larry Genet, Michael Oretsky (CBRE)
**3) Texas / Houston Scale**
**The Lane:** Large acreage + big building count + throughput
**Why it kept showing up:**
Texas, especially Houston, showed up when scale was the entire story. Not "here's a nice 5-acre yard" – more like "here's 128 acres with 16 buildings and enough asphalt to park a small navy."
**Deals that defined it:**
- **Houston, TX** – 6401 N. Eldridge Parkway – $90M – 128 acres, ~1.15M SF across 16 buildings + IOS yards – buyer: Brennan Investment Group
**Who kept showing up:**
John Ferruzzo, Jack Ferruzzo (KBC Advisors) | Brennan Investment Group (buyer platform)
**4) Inland Empire / Fontana**
**The Lane:** Credit + duration + infill land scarcity
**Why it kept showing up:**
Inland Empire IOS was different. The structure mattered as much as the dirt – long-duration income, credit tenancy, infill scarcity. This wasn't speculative land plays. This was "bond-like" real estate getting bought by people who wear suits.
**Deals that defined it:**
- **Fontana, CA (Inland Empire)** – ~$92M – 26-acre IOS acquisition by Morgan Stanley Real Estate Investing (MSREI)
Structure: long-duration net lease | Tenant: Oldcastle Infrastructure (CRH plc subsidiary)
**Who kept showing up:**
Will Milam, Lauren Hochfelder (MSREI leadership tied to the transaction)
**5) "The Capital Markets Lane" (National)**
**The Lane:** When the market signal was the refi
**Why it kept showing up:**
By 2025, IOS wasn't just acquisitions anymore. Refinancings and portfolio debt became repeat headlines because they showed lender appetite for IOS at scale. If banks are writing $100M+ checks against your IOS portfolio, that's a different conversation than "we bought a yard."
**Capital events that defined it:**
- **$180M refinance** – Axos Bank – Criterion Group + Columbia Pacific Advisors – 34 assets / 290 acres / 11 states – arranged by JLL
- **$100M refinance** – Truist Bank – Triten + TPG Angelo Gordon – 19 assets across CA, FL, GA, MD, MO, PA, TX – advised by Cooper Horowitz
**Who kept showing up:**
Christopher Peck, Peter Rotchford (JLL) | Justin Horowitz, Ben Knopf, Joshua Tropper, Richard Horowitz (Cooper Horowitz) | Zach Dobin (Triten), Matt Lazar (TPG Angelo Gordon)
**The Takeaway**
That's the 2025 market map as we covered it: NJ infill math, South Florida node pricing, Texas/Houston scale, Inland Empire credit structures, and a capital markets lane that got too big to ignore.
**And with this, we’re wrapping up our 2025 coverage – three emails breaking down the biggest deals, the markets that actually moved, and the people who kept showing up when it mattered. We're heading into 2026 with the same approach: real deals, real numbers, no bullshit. Here's to another year of watching capital chase functional dirt, portfolio math beat speculation, and the IOS market keep proving it's not going anywhere. Good luck out there.**